New private home sales tepid in July amid few major launches

The Laurels at Cairnhill Road. Sales of new homes remained lacklustre in July, partly due to few major launches that month. -- PHOTO: ST FILE
The Laurels at Cairnhill Road. Sales of new homes remained lacklustre in July, partly due to few major launches that month. -- PHOTO: ST FILE

SINGAPORE - Sales of new homes remained lacklustre in July, partly due to few major launches that month. 

Developers sold just 484 private homes last month, according to Urban Redevelopment Authority figures out on Friday.

This was about the same as the 482 private condominium and apartment units moved in June.

The number of new homes sold in July was about 10 per cent than the 434 homes that went on the market, indicating that buyers were picking up units at projects launched earlier in the year.

July's top seller was the 99-year leasehold City Gate at Beach Road, which was the only major launch that month. It moved 89 units out of 311 available at a median price of $1,809 per sq ft (psf).

The next most popular was the 158-unit freehold The Vermont on Cairnhill near Newton, which had been on the market for some time. It sold out its remaining 37 units at a discount, with the median price being $2,113 psf. The previous average price had been around $2,400 psf.

The above figures exclude executive condominiums (ECs), which are a hybrid of public and private housing.

There were no EC launches in July but 51 EC units were sold in the month. One major contributor was the Waterwoods EC in Punggol, which sold 23 units at a median price of $807 psf.

Including ECs, a total of 535 new homes were sold in July.